Lockyer elected California treasurer

SACRAMENTO, Calif. 
Democrat Bill Lockyer has been elected to another four-year term as California's treasurer, defeating his Republican opponent, state Sen. Mimi Walters.

Lockyer, a former state lawmaker and attorney general, had 53 percent of the vote late Tuesday.

The treasurer oversees California's nearly $70 billion investment account and issues bonds for public works projects. The slot also holds a seat on dozens of governing boards and commissions, including the state's public employee and teacher pension systems.

Lockyer says he has helped stimulate job creation as treasurer and managed to prevent California from losing any principal on investments during the recession.

Walters tried to ride the wave of a political climate that appeared to favor Republicans, but Lockyer's fundraising efforts outpaced her by a 5-to-1 margin.